AIA has announced that it will seek to transfer the life insurance business of AIA Company Ltd (Brunei branch) to AIA Singapore (Brunei branch).
In a statement, the Asian insurance giant said that AIA Brunei, which has been present in the market for over 60 years, is currently set up as a branch of AIA Company Ltd, the entity which is incorporated in Hong Kong and regulated by the Hong Kong Insurance Authority. The group is planning to make a court application for confirmation of a scheme of arrangement for the transfer of the business.
The proposed transfer is planned to take effect on January 01, 2020, or at another date AIA may announce later. Following the transfer, AIA Brunei will remain under the regulation of the Autoriti Monetari Brunei Darussalam as a licensed life insurer.
“With the transfer, AIA Brunei will be aligned with AIA Singapore’s legal and operational structure, thereby enhancing operational efficiencies,” said Patrick Teow, chief executive officer of AIA Singapore. “This alignment will allow a streamlined approach in the region, so we can focus on better serving our customers’ needs. We remain committed to providing the same quality of services our customers in Brunei have enjoyed.”
“The existing terms and conditions of policies issued by AIA Brunei will remain unchanged,” added Kenneth Ling, general manager of AIA Brunei. “Policies will be automatically transferred to the new branch and we have notified our existing customers of the transfer.”